A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead < Required 1 Required 2 > < Prev 12 of 15 Next >

A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and direct labor cost is $612,000. 1. Compute the under- or overapplied overhead. 2. Prepare the journal entry to close over- or underapplied overhead to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the under- or overapplied overhead. Factory Overhead < Required 1 Required 2 > < Prev 12 of 15 Next >

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Description: pter 2 Homework i12ntseBookHintAskPrintReferencesMcGrawHillHOWD2W5**X#A company applies overhead at a rate of 180% of direct labor cost. Actual overhead cost for the current period is $1,118,100, and directlabor cost is $612,000.1. Compute the under

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2 ts eBook Mc Graw Hill The following information is for Punta Company for July: a. Factory overhead costs were applied to jobs at the predetermined rate of $50.00 per labor hour. Job Sincurred 6,250 labor hours; Job T used 4,350 labor hours. b. Job S was shipped to customers during July. c. Job T was still in process at the end of July. d. The overapplied or underapplied overhead to the Cost of Goods Sold account was closed at the end of July. e. Factory utilities, factory depreciation, and factory insurance incurred are summarized as follows: " Utilities Depreciation Insurance Total f. Direct materials and indirect materials used are as follows: $ 16,500 48,750 Job Job T Indirect labor Total $ 19,500 84,750 Job S $ 32,250 Job T $75,000 37,250 14,250 $46,500 $ 112,250 Total 107,250 $ 51,500 158,750 214,750 $373,500 Material A Material B Subtotal Indirect materials Total g. Direct labor incurred for the two jobs and indirect labor are as follows: $ 63,000 52,500 148,000 $263,500…
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eBook Show Me How E Print Item Rex Industries has identified three different activities as cost drivers: machine setups, machine hours, and inspections. The overhead and estimated usage are: Compute the overhead rate for each activity. Round your answers to two decimal places. Overhead Overhead Annual Rate per Activity per Activity Usage Activity Machine Setups $162,750 4,200 Machine Hours 381,051 14,113 Inspections 110,550 3,300
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ate dir and th ble for ory, Au ate fix verhea ate dir to ca August 2022 data Work-in-process inventory, August 1, 2022 Direct materials inventory, August 1, 2022 Direct materials purchased Direct materials used Variable manufacturing overhead Total manufacturing overhead Total manufacturing costs incurred during August 2022 Cost of goods manufactured Cost of goods sold Finished goods inventory, August 1, 2022 Print Done 215 75 335 385 265 485 1,610 1,690 1,700 220 X ean thes ust.
Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Balances on March 31 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April Direct materials used Direct labor used Overhead applied Status on April 30 a. Materials purchases (on credit). b. Direct materials used. View transaction list Journal entry worksheet
1. The following information was reported for Gray Enterprises on December 31, 2020.Manufacturing Overhead Debit Credit 3,500 51,210 15,510 37,540 Double line5,340 Double line A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20 2. The following information was reported for Gray Enterprises on December 31, 2021.Manufacturing Overhead Debit Credit 2,110 56,360 15,500 31,830 Double line Double line6,920 A. What is the actual manufacturing overhead? B. What is the allocated manufacturing overhead? C. Is manufacturing overhead underallocated or overallocated? D. Prepare the adjusting entry.Journal Date Description Debit Credit Dec. 31, 20 Dec. 31, 20